|
How does the Passage of Amendment 1 affect me?
The recent passage
of Amendment One provides the following three benefits.
1. Creates an automatic
additional homestead exemption worth $25,000, applied to the homestead
property’s value over $50,000. (All existing
exemptions already included on your property, i.e., widows, veterans,
etc. will remain the same with no changes.)
This exemption does not apply to school tax levies which represent
approximately one half of your property taxes.
2. Allows portability of
accumulated Save Our Homes (SOH) savings
benefits for homeowners who move from one homestead to another with the
following guidelines:
Homeowners may transfer
their SOH benefit from their most recent
homestead to a new homestead
anywhere in Florida by the second January 1st
following the sale of their former homestead. (For example: Those who sold their homes in
2007 can transfer their SOH savings benefit to a new homestead if they establish the
new homestead by January 1, 2009.)
If
"upsizing" to a home of equal or greater just value, the
homestead owner can transfer 100% of the SOH savings
benefit to the new homestead, up to $500,000 transferred
benefit.
If
"downsizing" to a home with a lower just value, the homestead
owner can transfer a SOH savings benefit that protects the same percentage of
values as it did the former homestead, up to a $500,000
benefit.
>>> For more information, Click here for our Portability FAQ
3.
Creates a new Tangible Personal Property Exemption of
$25,000.
Your Tangible Return
serves as an application and must be
filed in order to qualify for this new exemption.
4.
In 2009 the Amendment provides an
assessment growth limitation of 10% for all non-homestead real properties
(such as investors, commercial properties, second home owners, etc.). The Assessment growth limitation would “cap”
the increase at 10%.
This assessment limitation does not apply to school tax
levies.
This assessment limitation will expire in 10 years. At that
time, voters will decide whether to reauthorize it.
Residential properties of nine units or less will surrender
accumulated protections at change of ownership or control, as defined by general
law.
For more Amendment 1 information, please visit the DOR web site
|
